CA Yogesh S. Limaye

Freebies by Pharma Companies – shutter down?

Income Tax - It is a routine practice that Pharmaceutical and health sector companies provide freebies such as hospitality, conference fees, gold coins, LCD TVs, fridges, laptops, etc. to medical practitioners for creating awareness about the health supplement ‘ABC’....

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Can 2 CITs have concurrent jurisdictions, on some issue, may be!!!

Income Tax - Objective Author, in this article, analyses the nuances of exercising revisionary power of CIT / PCIT u/s 263 when the assessee has preferred an appeal before CIT(A) and the matter is pending for adjudication. Text reproduced from judgement/Act is in small font and in Italics. Structure-: This article is based on a judicial pronouncement ...

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Understaning financial manoeuvring and shell entities

Income Tax - Objective The Author in this article discusses two issues namely: 1) Application of section 68 in case of share application money to the web of intermediaries and 2) how one can-not misuse rule 27 of ITAT rules. Both the issues are based on recent judgements of Mumbai tribunal Structure-: The article gives authors own analysis. […]...

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Pay Tax in UK & claim refund in India..!! not so easy

Income Tax - Author in this article discusses a recent judgement of Mumbai tribunal dealing with question as to whether it is possible that an assessee pays taxes in UK to the UK ex-chequer and claims refund in India from Indian Ex-chequer. The real tussle is interpretation is application of principles laid down in the case of Wipro Ltd ...

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Engineering Analysis… Any respite for Domestic trade?

Income Tax - Objective Part – 1 – Impact on domestic trade The Author, in this article, discusses the impact of recent decision of Supreme Court [SC] in the case of Engineering Analysis on domestic laws and concludes that equalisation levy will be payable on import of computer software provided the conditions are fulfilled and some impact due [&he...

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Tax planning opportunity by SC?

CIT Vs. M/s Modipon Ltd. (Supreme Court of India) - The decision relates to deductibility of excise duty u/s 43B of the Income Tax Act, 1961. Section 43-B requires cumulative existence of following; The deduction claimed by the Assessee must be otherwise allowable under the other provisions of the Act....

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May be Right Thing done in Wrong Manner

Mayurbhai Mangaldas Patel Vs. Income Tax Officer (ITAT Ahemdabad) - Background It is a matter relating to validity of re-opening of assessment on a technical ground in the case of Mayurbhai Mangaldas Patel v ITO. The learned Ahemdabad ITAT Bench has noted all the facts and circumstances of the case and the law as applicable in very clear manner. It has kept some iss...

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ITAT – taking virtual reality a bit too seriously ?

ABB FZ - LLC, Bangalore Vs. Dy.DIT, Bangalore (ITAT Bangalore) - A reader should be able to come to his / her own conclusion by applying the legislative enactments and judicial pronouncements to the facts of the case. While re-producing any portion of legislative enactment or judicial pronouncement, it is para phrased and emphasis is supplied by way of underline....

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Relief – Fees u/s 234E for late filing of TDS return

Gajanan Constructions, Prop. Gorakhnath Katkar v DCIT, CPC (TDS) [ITAT Pune] - The power to charge fees under the provisions of section 234E of the Act while processing the TDS statements, was dwelled upon by the Legislature by way of insertion of clause (c) to section 200A(1) of the Act by the Finance Act, 2015 w.e.f. 01.06.2015. Accordingly, we hold that where the Assessing ...

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Interest free loan to AE – Crime?

Instrumentarium Corporation Limited, Finland Vs. Assistant Director of Income Tax International Taxation (ITAT Kolkata) - The critical question before special bench: Whether, on the facts and in the circumstances of the case, no arm’s length rate of interest was required to be charged on the loan granted by the non-resident assessee-company to its wholly owned subsidiary Indian company M/s. Datex-Ohmeda (India) Pvt. ...

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Recent Posts in "CA Yogesh S. Limaye"

Freebies by Pharma Companies – shutter down?

It is a routine practice that Pharmaceutical and health sector companies provide freebies such as hospitality, conference fees, gold coins, LCD TVs, fridges, laptops, etc. to medical practitioners for creating awareness about the health supplement ‘ABC’....

Read More
Posted Under: Income Tax |

Can 2 CITs have concurrent jurisdictions, on some issue, may be!!!

Objective Author, in this article, analyses the nuances of exercising revisionary power of CIT / PCIT u/s 263 when the assessee has preferred an appeal before CIT(A) and the matter is pending for adjudication. Text reproduced from judgement/Act is in small font and in Italics. Structure-: This article is based on a judicial pronouncement ...

Read More
Posted Under: Income Tax |

Understaning financial manoeuvring and shell entities

Objective The Author in this article discusses two issues namely: 1) Application of section 68 in case of share application money to the web of intermediaries and 2) how one can-not misuse rule 27 of ITAT rules. Both the issues are based on recent judgements of Mumbai tribunal Structure-: The article gives authors own analysis. […]...

Read More
Posted Under: Income Tax |

Pay Tax in UK & claim refund in India..!! not so easy

Author in this article discusses a recent judgement of Mumbai tribunal dealing with question as to whether it is possible that an assessee pays taxes in UK to the UK ex-chequer and claims refund in India from Indian Ex-chequer. The real tussle is interpretation is application of principles laid down in the case of Wipro Ltd ...

Read More
Posted Under: Income Tax |

Engineering Analysis… Any respite for Domestic trade?

Objective Part – 1 – Impact on domestic trade The Author, in this article, discusses the impact of recent decision of Supreme Court [SC] in the case of Engineering Analysis on domestic laws and concludes that equalisation levy will be payable on import of computer software provided the conditions are fulfilled and some impact due [&he...

Read More
Posted Under: Income Tax |

Brace up yourself to face the new Landscape of Assessment & Appeal

While the author had almost finalised the article, Notification No. 27/2021 dated 27-Feb-2021 the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Ordinance, 2020 which was promulgated on 5-Jun-2020 [while later become Act] has extended date of completion of assessment for AY 2018-19 from 31-March-2021 to 29-30-Jun...

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Posted Under: Income Tax |

Allow judiciary the freedom of expression

Author in this article discusses the recent judgement relating to contempt of court against Adv. Prashant Bhushanand the relatively less discussed related aspect namely freedom [or absence thereof] of expression to judges....

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Posted Under: Income Tax |

Re-introduction of inheritance tax !! Appropriate tool in testing time?

Objective The Author in this article, discusses inheritance tax being the tool to tide over the covid-19 phenomenon Background a) In view of the outbreak of Covid-19, various state Governments are struggling to even pay salaries of their staff. Central Government is no exception for the same. It is a consequence of multiple things which [...

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Posted Under: Income Tax |

Background material for study of Taxation Law Amendment Act, 2019

Author in this article makes available relevant material so as to enable the reader analyse the impact of the Taxation Laws (Amendment) Act, 2019 which sets to replace the Taxation Laws (Amendment) Ordinance, 2019....

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Posted Under: Income Tax |

Profit Attribution to PE – a game changer

Author in this article discusses proposed taxation regime by CBDT on Profit attribution to a PE in India and recommendations thereon. It is definitely a welcome step as it will reduce the quantum of litigation....

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Posted Under: Income Tax |

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